The shadow players: How private warehouses squeeze the $15 trillion global metals market

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The shadow players: How private warehouses squeeze the $15 trillion global metals market - Business Mirror

Quick Summary:

In 2002, the metals industry was jolted into uproar, after a US warehouse owner announced it would start charging a fee to safely buckle up each cargo being trucked from its depots in the London Metal Exchange’s storage network.

By 2014 Whelan was back in the warehouse business and running Istim. Ex-Metro CEO Wibbelman is also still working closely with the family, but has become less active in the LME warehousing industry.

At times, however, such as during a 2019 run-in with Glencore Plc, the LME has also sided with Istim during disputes.“The LME always do what they can to respond to the challenges, but it’s like squeezing a balloon—the air is just going to move somewhere and another problem will appear,” said Madden, the former Novelis executive.“At the end of the day, they can’t change the mindset of the people involved in the market.